Cryptocurrency firm BitMine has secured ownership of approximately 1% of Ethereum’s circulating supply. This represents holdings of 1.15 million ETH, valued at close to $5 billion.
The company has announced plans to significantly expand its Ethereum position. Its target is to acquire up to 5% of the total circulating supply, equating to six million ETH worth approximately $25.6 billion at current prices.
BitMine’s existing holdings have benefited from recent market trends, with Ethereum experiencing a 19% price surge earlier this week boosting their value. The firm intends to finance its ambitious acquisition strategy primarily through the issuance of equity-linked securities, such as convertible debt.
This aggressive move by BitMine positions it as a major potential stakeholder within the Ethereum ecosystem. The scale of the intended ownership could significantly influence broader market dynamics and corporate strategies surrounding Ethereum.